Procurement Software for Pharmaceutical Industry
The pharmaceutical industry is entering a phase of maturity.
With expiring patents, proliferation of generic drugs, rising requirements for investment in R&D and marketing and huge pressure from governments and health insurance companies to reduce end-market prices, there is enormous opportunity for procurement to increase its contribution to sustainable business performance improvement. Procurement professionals in the pharmaceuticals industry can proactively drive value-creation by:
- Seeking and capturing supplier innovation from the earliest stages of research and development all the way through healthcare delivery.
- Building collaborative, high performance partnerships with Contract Research Organizations (CROs) and other third-party providers of high-end technical and scientific services.
- Bringing the same measures of procurement discipline to indirect spending as they have often achieved with direct categories.
With a blurring of core and non-core activities and heavy margin pressures, greater off-shoring and outsourcing in niche service areas demand procurement capabilities that go far beyond traditional transactional modes of operation. Procurement functions for pharmaceuticals companies must help their organizations create Comparative Clinical and Economic Value (CCEV) that translates to concrete benefits for payers, patients and shareholders in today’s ever demanding healthcare system.
Today’s pharmaceutical industry challenges demand changes in business cultures.
These business cultures evolved during an era of blockbuster drugs in which cost control – especially on the indirect side of spending – was not a major priority. Pharma companies now face:
- Diminishing marginal returns and value from new research and drug innovation.
- Huge pressures on margins with tightening public health policies and rising costs in other areas of healthcare.
- Economic-value based commercialization and epidemiological pressures shifting focus toward preventive treatments while arresting disease progression to save overall healthcare costs and increase patients’ quality of life.
How We Can Help
Whether your business strategy is to compete through scientific or consumer-side excellence, our suite of procurement solutions can help procurement to reinvent its corporate role.
By supporting speed-to-market and ensuring high-performance and innovative channel partners, procurement teams have plenty of opportunities for contributing to future success among pharmaceutical companies. Zycus’ procurement solutions can be used to automate high volumes of operational and analytical functions, to drive better decision making and to forge more innovative and profitable partnerships with suppliers and service organizations worldwide.
- Use SPEND ANALYSIS modules to gain total control over massive indirect cost categories such as marketing, MRO, IT, travel and R&D, to actively understand and manage average costs per molecule and to help your company serve the lower end of the global income pyramid both effectively and profitably. Read More
- Use eSOURCING applications to take full advantage of global market competition, discover new offshoring & outsourcing opportunities, maintain strict oversight of supplier discovery and sourcing decision-making and support broad cross-functional collaboration as procurement moves to take greater control over complex indirect spending categories. Read More
- Use advanced CONTRACT MANAGEMENT to drive value-based, collaborative contracting while safeguarding business interests related to data security, system access, intellectual property protection, indemnity and compliance across multiple and diverse regulatory frameworks (European Medicines Agency, U.S. Food and Drug Administration, etc). Read More
- Use Zycus’ flexible and highly configurable SUPPLIER MANAGEMENT solution to actively manage expanding portfolios of supplier alliances. Achieve collaborative, cross-functional supplier performance management while also implementing industry-specific checks related to third-party codes of conduct, accountable care, ethical environmental practices and so forth. Read More
- Use FINANCIAL SAVINGS MANAGEMENT to align procurement with both bottom- and top-line business performance objectives. Help to document and demonstrate why stockholders and potential investors can expect to see continued financial success in spite of expanding challenges associated with pharmaceuticals industry maturity and external downward pressures on profits and costs. Read More
- Use PROCURE-TO-PAY to free R&D and other value-critical personnel from time-consuming tasks while also ensuring compliant spending and clear chain-of-custody documentation worldwide. Read More